Opinion: Should You Buy Your Next Home or Rent it?
A home reflects oneself; it is their comfort zone, their identity, their happy place, and most importantly, it gives them a sense of belonging.
Renting is the new norm!
The residential area is most likely one of the most expensive buys for an individual. More than half the people who invest their money in buying a home end up spending their long life savings.
However, they become the owner of an asset that might give them an excellent profitable balance in the long run. Be that as it may, there are numerous reasons why renting a house has been gaining immense popularity each day.
Renting might seem like a foolish decision to some because you do not get to own the residence even after years of paying the rent. However, it is simultaneously a better decision for many people out there. It is because of the lack of savings/income, sometimes not being able to find the perfect place to invest in, and even just for a temporary stay.
Reasons why you should rent your next home
Now, both renting and owning have their pros and cons, financially or otherwise. Nevertheless, renting still holds more significant value worldwide and popularity when it comes to property.
Here’s why renting is the better decision in most cases:
- Buying a house is expensive
One of the most obvious things about buying an apartment, flat, or house is the price tag. The value of properties in Pakistan is increasing, and with each passing day, it is becoming almost impossible for a middle-class individual to provide a permanent roof to their loved ones.
This situation is where renting seems to be best, and sometimes the only option. Moreover, it most certainly is as it allows you to live in any house that you want at an affordable price.
- Access to a ton of luxuries:
Consider yourself ready to buy a new home, but can you afford a house that has the extra luxuries of a pool, gym, and a beautiful garden all in one place. You most definitely don’t have the means to satisfy all your desires with just one house. Well, with renting, you can enjoy these luxuries at a minimal cost as compared to the cost of purchasing one.
- Flexibility for change:
When you rent a space to live in, you have all the means to shift wherever and whenever you want. However, the option of buying restricts you to living in the same home for a very long time. Unless you either find another buyer willing to pay the demanded price or until you can afford another one.
- Fixed Rent:
The 11-month agreement (can differ in different parts of the world) signed while closing the deal for a house mentions the rent that has been considered. This rent remains the same throughout the agreement’s duration, and no increment can be made unless both the parties agree to it, which means it is fixed.
This helps in maintaining a budget and knowing what to expect each month. Buying may not have the monthly rent commitment, but it has property taxes that need to be paid annually on top of maintainence around the year.
- Renting helps you make better buying decisions:
Last but not least, renting helps you make better decisions. Renting homes makes you familiar with new localities, surroundings, people and the homes, of course. This helps create better buying decisions based on whether the house fulfils your requirements and if the locality suits you and your family.
Where to rent from?
Now many people opt for a Real Estate Agency when they are looking for a place to rent. We all know how tedious and expensive that can be as the agent has his fees too. The best way is to look for homes on local sites that provide you with the opportunity of renting properties.
Rentable.pk is a site developed solely to ensure that Pakistan’s locals get the best of the best at a modest price. This site allows people to display their ads, however, it holds no responsibility for any exchanges made. Moreover, you can find beautiful houses in a great location from around Pakistan at a low cost, without much hassle. Think of it as a getaway? Rent someone else’s home to enjoy your weekend or your birthday.
All in all, owning a home is beneficial, but only if you can bear the cost while taking care of the taxes, insurance, and other expenses. Renting a home is for those who do not want to worry about the decrease in property value or enjoy a temporary home, or are just looking for a way to find the perfect home.
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